Activity in the Triangle remains steady amid an uncertain economy

In the first quarter of 2023, Raleigh-Durham’s leasing activity proved stable with 0.7 million square feet (msf) leased. This accounted for a 20% increase year over year. Despite the steady activity, banks with large presences in the Triangle are facing financial turmoil that may negatively impact their real estate. Credit Suisse, which was acquired UBS in the first quarter, occupies a global tech hub in RTP of more than 100,000 square feet (sf) and employs 2,300 people. Fidelity Investments vacated it’s RTP headquarters in March, leaving 116,300 sf to be absorbed two years prior to their lease expiring. Looking ahead, tenants with farther out lease expirations may wait longer to transact amidst increased economic uncertainty.

Read the full report